Dubai's Al Ahli secures $340m financing to expand mall

The expansion of Dubai Outlet Mall will see 3mln sq ft added to the existing 1.1mln sq ft of built up area.

Labourers are silhouetted as they work in the construction site beside the the Dubai Mall, October 29, 2008.
Image for illustrative purposes.

REUTERS/Ahmed Jadallah

Staff Writer,
TradeArabia

Al Ahli Holding Group, a major UAE conglomerate, has secured an Islamic club financing facility worth Dh1.25 billion ($340 million) for the expansion and general corporate purposes of Dubai Outlet Mall.

Dubai Islamic Bank acted as the coordinator, mandated lead arranger, bookrunner, investment agent and security agent for the transaction with Ajman Bank, Al Hilal Bank and Noor Bank participating as financiers in the facility.

Scheduled to open in the fourth quarter of 2019, the expansion of Dubai Outlet Mall will see three million sq ft added to the existing 1.1 million sq ft of built up area; making Dubai Outlet Mall one of the largest outlet malls in the world. There will be a mix of hypermarket, cinemas and multiple levels of ambient lifestyle-focused retail and dining options.

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Mohammed Khammas, CEO of Al Ahli Holding Group, said: “Securing a finance facility from leading banks like Dubai Islamic Bank, Ajman Bank, Al Hilal Bank and Noor Bank is a significant testament to the confidence in the project and Al Ahli Holding Group capabilities. This move and the eventual expansion of Dubai Outlet Mall also mark our intent to set new industry standards in the value shopping space; meeting customer expectations and enhancing our position as an industry leader.”

Dr Adnan Chilwan, Group CEO of Dubai Islamic Bank, said: “We are pleased to be associated with the Dubai Outlet Mall expansion which will position it on a strong growth trajectory while being a distinctive addition to Dubai’s retail offering. As the largest Islamic Bank in the UAE, Dubai Islamic Bank has been actively involved in supporting the development of the retail sector in the country, and coordinating the financing of this project further cements our commitment to the sector.”

Mohamed Amiri, CEO of Ajman Bank, said, “We at Ajman Bank are delighted to have partnered with Al Ahli Holding Group for financing the expansion of Dubai Outlet Mall which is one of the most trusted and premium retail destinations in the region.

“This agreement is a true reflection of Ajman bank’s focus and keenness of the bank to support the retail sector by financing specific development projects that creates compelling new retail and lifestyle experiences and supports the city's growth outlook of further strengthening its core economic sectors, including retail, tourism and hospitality. The tie-up reflects Ajman Bank’s commitment to ensure that its customers’ needs are met optimally and is in line with its objective to offer compelling new retail and lifestyle experiences while supporting prestigious developments in the buoyant retail sector.”

Alex Coelho, CEO of Al Hilal Bank, said: “Ranking 5th in the global retail index, the UAE continues to reinforce its position on the global economic map. Dubai Outlet Mall has always been an appealing platform for local, regional and international retailers, attracting large numbers of tourists and shopping enthusiasts.

“At Al Hilal Bank we strongly believe that the expansion will further strengthen the mall’s value proposition. Our collaboration on this project is in line with our objective of contributing towards the UAE’s economic diversification. We look forward to partner with Al Ahli Holding Group to deliver yet another success story in the UAE.”

John Iossifidis, CEO of Noor Bank, said: “We are proud to collaborate with Al Ahli Holding Group as well as our partner banks to fund the expansion of Dubai Outlet Mall. The financing facility is a strong endorsement of our proven ability to provide targeted and comprehensive Shari’a-compliant financial solutions that meet our clients’ strategic objectives. Furthermore, our support for one of the UAE’s prime retail destinations reinforces our unwavering commitment to contribute to the development of the country’s thriving retail sector.”

In addition to these new developments, Dubai Outlet Mall also celebrated the prominent milestone of its 10 year anniversary with a wide variety of activities to reward shoppers ranging from chances for visitors to get into a draw to win a Mediterranean cruise or concert tickets to the Ed Sheeran show, unbeatable bargains with amazing offers, offering free makeovers to shoppers etc.

Various activations to create excitement were also conducted with fitness related group activities for visitors to enjoy along with a cooking demo for family and kids among others. – TradeArabia News Service